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Biggest behemoth? BofA nips JPMorgan

Posted: Saturday, Sep. 27, 2008
JP MORGAN TRADE CENTER TOWER

Jamie Dimon, chief executive officer of J.P. Morgan Chase and Co., attends a news conference, Thursday, June 14, 2007 in New York. JPMorgan Chase & Co. agreed to build a skyscraper near Ground Zero for its investment banking headquarters, becoming the second Wall Street firm to commit to moving into the area devastated by the terror attacks of Sept. 11. The third-largest U.S. bank will occupy a 42-story, 1.3 million square foot tower with six trading floors, New York Governor Eliot Spitzer and JPMorgan Chief Executive Officer Jamie Dimon said today at a news conference with the Port Authority of New York and New Jersey. Photographer: Dima Gavrysh/Bloomberg News.

As the U.S. financial system struggles, Bank of America Corp. and JPMorgan Chase & Co. are vying to take advantage of others' misfortunes.

In January, Bank of America agreed to buy damaged mortgage lender Countrywide Financial Corp., then JPMorgan in March rescued investment bank Bear Stearns Cos. Last week, the Charlotte bank agreed to buy Merrill Lynch & Co. On Thursday, New York-based JPMorgan bought failed Washington Mutual.

The flurry of deals creates two financial behemoths with massive retail and corporate banking operations. Bank of America holds the edge in most categories, but the race is getting tight. Here's a look at how they stack up, counting all of the recent deals, including Merrill Lynch, which still needs shareholder and regulatory approvals.

Rick Rothacker

Bank of America


Headquarters: Charlotte.


CEO: Ken Lewis.


Employees: 317,187.


Total assets: $2.9 trillion.


U.S. deposits: $819.6 billion.


States (retail banking): 31.


Branches: 6,100.


ATMs: 18,531.


Brokers/advisers: 20,000.


Mortgage loans serviced: $2trillion.


Credit card loans: $187.2 billion.


Assets under management: $589 billion (plus 50 percent stake in BlackRock, which has $1.4 trillion).


Recent deals: Countrywide ($4 billion), Merrill Lynch ($50 billion).

JPMorgan Chase


Headquarters: New York.


CEO: Jamie Dimon.


Employees: 238,792.


Total assets: $2 trillion.


U.S. deposits: $679.1 billion.


States (retail banking): 23.


Branches: 5,400.


ATMs: 14,272.


Brokers/advisers: 2,043.


Mortgage loans serviced: $1.4trillion.


Credit card loans: $181.1 billion.


Assets under management: $1.2 trillion.


Recent deals (announced price): Bear Stearns ($1.2 billion), WaMu ($1.9 billion).

Sources: Company presentations; SEC filings; FDIC (June 30 data); Inside Mortgage Finance.

Note: Most of the data is as of June 30. Employee numbers don't include planned job cuts.

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